Builders rally after Lennar upgrade, housing data

JohnSpence

BOSTON (MarketWatch) -- Home-builder stocks traded higher Monday after a Citigroup analyst raised his rating on Lennar Corp.
LEN, +2.24%
shares to buy and said he thinks fraud allegations made against the company are unfounded. Also Monday, the National Association of Realtors reported sales of existing homes rose 6.5% in December. An exchange-traded fund tracking builder stocks, iShares Dow Jones U.S. Home Construction Index Fund
ITB, +1.86%
rose 6% in morning action. Lennar shares were up more than 20%.

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